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GBPUSD: move down from high
2023-06-20
694
Fundamental analysis:
GBP/USD remained volatile around 1.27892. UK inflation data for May was released on Wednesday, and CPI is expected to rise by 8.5% compared with the same period last year. The Bank of England announced its interest rate decision on Thursday; it is expected to raise interest rates by 25 basis points to 4.75%.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high order is slowly descending, the market's short-term sentiment continues to emerge, the short-term decline may continue, the MACD indicator is in the long-term area and continues to move down, and the RSI indicator is in the long-term area and is weak;
Resistance levels: 1.28351 1.28632
Support levels: 1.27576 1.27307
Trading strategy: bearish below 1.28047, target 1.27576 1.27307
Alternative strategy: bullish above 1.28047, target 1.28351 1.28632
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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